People downsize to apartments, townhouses or smaller properties for many reasons. It may be to cut down on maintenance, because you simply no longer have a need for all those spare rooms or to save money.
Downsizing can be daunting and a little overwhelming. You’ve spent years in your home, often raising a family, and have many memories and emotions attached to your home. It can also be an exciting time and in many cases, will lead to you living an easier, more convenient lifestyle.
Do you often wonder why you're living in such a big house? If so, downsizing could be a good move. You won't feel so stressed about your finances, which will give you some welcome relief.
For many, downsizing is a lifestyle choice. A four-bedroom property with multiple bathrooms and a large backyard can be time consuming and require a lot of effort to maintain – especially if there is only two people living there. Downsizing to a smaller property will give you more time to enjoy the activities you love as you’ll no longer be spending weekends raking the backyard or cleaning multiple bathrooms.
A major reason why people choose to downsize is to unlock equity in their home, using the funds to complement their superannuation or pension. Selling your property may leave you with some leftover capital to spend how you like. You could finally take that trip to Europe or upgrade your car.
When you move to a smaller home, you'll be less tempted to keep accumulating more and more things. You won't have room to keep the ugly vase you can’t let go of or the sofa that’s been sitting in the spare room unused for many years.
Downsizing can also encourage family bonding, because you'll be in a smaller space. You don't have to be cramped, but you may find you're spending more time with your loved ones.
Downsizing doesn’t mean tiny home.
Downsizing doesn't necessarily mean moving into a small home– in fact, you might not be moving into a property with less floor space. You'll simply be removing a few of the unused bedrooms from your life, which can make your property feel more comfortable.
You may choose to downsize to a three-bedroom townhouse, leaving room for family when they come to stay.
How to downsize.
1. Choose your location
Often, people find downsizing emotional as they are confronted with the possibility of leaving their neighbourhood and communities. Have a good think about where you want to live. Consider proximity to family and friends, supermarkets and health professionals. The older you are, the more important it is that you have easy access to amenities and facilities.
2. Choose the type of property
When choosing a property to downsize to, think about what it is you enjoy about your current life and aren’t willing to sacrifice. If you’re an avid gardener, look for townhouses with small backyards where you can continue your hobby. If you love to cook, an apartment with a large kitchen may be the option for you.
3. Seek advice
When selling and buying a home, speak to a finance professional who will be able to tailor a strategy to suit your individual circumstances. They will be able to talk you through superannuation, pension and your mortgage.
4. Speak to an agent
Speak to an experienced real estate agent who is prominent in your area. The agent may have properties available that suit your needs or could alert you when something suitable comes on the market.
With decades of experience, Peter Blackshaw Real Estate has helped many people downsize. Contact our team today if you would like to know more about the process.